Minnesota Businesses Could Soon Be Able to 'Do Well and Do Good'
Minnesota legislators plan to introduce a bill that will allow companies in the state to form B-corporations, entities that pursue social missions as well as generate profits. One early advocate is David Reiling, CEO of Sunrise Banks and a CDBA director. About 20 states currently allow the charters and Reiling wants to see Minnesota join that group. "Do well and do good," Reiling said of Sunrise Bank's philosophy. "We're living proof that those concepts are not mutually exclusive." Reiling points to the bank's joint venture with Lutheran Social Services, a program that caters to low-income residents on St. Paul's east side. Under the arrangement, Sunrise Banks makes money off its prepaid debit cards, but also provides financial counseling to customers.